One of the world’s largest cryptocurrency exchanges Gate.iojoined the exchanges that created a recovery fund.
According to the statement made on the blog of the crypto trading platform, all industry participants will benefit from the fund worth $ 100 million.
“High-frequency crypto trading institutions and top crypto projects will benefit from the recovery fund.”
According to the statement made, platforms or projects that have liquidity problems, Gate.io Exchange will be able to apply for token funding of up to $10 million.
Gate executives stated that companies receiving funds can use the source independently within risk control. There is no deadline for applying for a fund request.
Crypto Exchanges Roll Up Their Hands
The bankruptcy of FTX, plunged into a liquidity crisis, deeply shook the crypto industry. on the market side bitcoin While the price decreased, there was a great loss of confidence mentally.
Investors lost a lot of confidence as the situation in the stock market emerged day by day. It is claimed that some crypto projects are having problems as many users withdraw their investments due to the perception of insecurity.
Crypto exchanges have started creating recovery funds to prevent further damage to the industry. The largest crypto exchange Binance announced last month that it has set up a $1 billion recovery fund.
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